By Abimbola Ogunnaike
Nigeria’s used vehicle imports increased by 226.46 per cent to N1.063 trillion in 2023 compared to N325.05 billion recorded in 2022.
The National Bureau of Statistics (NBS) made this disclosure in its combined trade data for 2023.
An analysis of the data showed that between 2022 and 2023, used vehicle imports increased by N736 billion.
In the first quarter, Nigeria’s total used vehicle imports stood at N72.32 billion, which decreased to N69.48 billion in the year under review.
However, in the second quarter of 2023, there was a hike in vehicle exports from N96.76 billion recorded in 2022 to N733.91 billion.
In the third quarter of 2023, this figure dropped to N138.50 billion, while the corresponding quarter of 2022 stood at N90.77 billion.
For the last quarter of 2023, Nigeria imported used vehicles valued at N121.82 billion. This was almost double the value of vehicle imports recorded in 2022 at N65.19 billion.
It was gathered that the total foreign trade in 2023, including imports and exports, N69.81 trillion.
